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  1. #1
    Join Date
    Dec 1969
    Location
    Louisville. KY
    Posts
    2,168

    Your Boat Insurance

    A must see video on boat insurance. Bob can likely educate you on some things you need to know on your boat insurance.

    http://www.youtube.com/watch?v=YR4khS6AG4k

  2. #2
    Join Date
    Dec 1969
    Location
    1
    Posts
    3,804

    Re: Your Boat Insurance

    Good information. Wish Bob would have talked a little more about specifics, or showed us some typical cost comparisons.

  3. #3
    Join Date
    Dec 1969
    Location
    Louisville. KY
    Posts
    2,168

    Re: Your Boat Insurance

    I'm sure he would like to insure that big new expensive boat of yours. Give him a call while you are waiting for a bite.

    Bob 517-627-8080

    Cash value--What your insurance company says your boat and stuff in it is worth
    Agreed Value--What you and your insurance company agree your boat and stuff in it is worth.
    I'm mot in the insurance business but that is my understanding.

    He does agreed value.

  4. #4

    Red face Re: Your Boat Insurance

    Quote Originally Posted by peter View Post
    I'm sure he would like to insure that big new expensive boat of yours. Give him a call while you are waiting for a bite.

    Bob 517-627-8080

    Cash value--What your insurance company says your boat and stuff in it is worth
    Agreed Value--What you and your insurance company agree your boat and stuff in it is worth.
    I'm mot in the insurance business but that is my understanding.

    He does agreed value.

    Actual Cash Value: I works the same way as your auto insurance. If you have a total loss, You will recieve what your insurance company determines as the value of your boat and equipment.

    Agreed value: Is an agreement right up front as to the value of your boat and equipment. In the event of a total loss you will recieve the agreed amount.

    It is not just Agreed value or Actual cash value it is the back side coverage's as well. It is really very simple. If you bought a $100,000 classic car would you call someone who specialises in health insurance. With me your coverage's are designed by fisherman for fisherman. We represent numerous companies and in most cases we will save you money and provide much better coverage's. I educate my clients on the differences between what a Marine speciality company does a a Standard Property and casuality does. I have been able to help a lot of people to better understand there boat insurance. I hope this helps. Bob Luellen 800-339-1235
    Bob Luellen
    Worldwide Marine Underwriters, Inc.
    800-339-1235

  5. #5
    Join Date
    Dec 1969
    Location
    1
    Posts
    3,804

    Re: Your Boat Insurance

    Thanks for the insight.

    Actual cash value: Let's say my total rig including gear is worth today $20,000. Nada booked, not new and depreciation allowed to get to that figure. If I have this right, my premium is based on what the boat is worth now, and how much it's likely to depreciate. Insurance company knows the longer we go without a loss the less they will pay to settle. So lets say the premium for a year is XXX dollars. If I see it right, this is really diminishing benefit insurance based on boat depreciation.

    Agreed value: Same boat at $20,000 agreed value, anytime in the future its a total loss I will get the $20,000. So that means the insurance company has the same level of risk thru out all the years I stay insured with them. So this is level benefit insurance without regard to asset depreciation. So my guess would be that given the constant level of risk the premium would be XXX dollars (like above) + some. Translation, a higher premium because while I enjoy a locked benefit level, the inusrance company has more risk.

    In general, does that put the two approaches in the right rank order for premium costs?

    Appreciate the information

  6. #6
    Join Date
    Aug 2008
    Location
    Rockport
    Posts
    531

    Re: Your Boat Insurance

    Quote Originally Posted by HURRICANEBOB View Post
    Thanks for the insight.

    Actual cash value: Let's say my total rig including gear is worth today $20,000. Nada booked, not new and depreciation allowed to get to that figure. If I have this right, my premium is based on what the boat is worth now, and how much it's likely to depreciate. Insurance company knows the longer we go without a loss the less they will pay to settle. So lets say the premium for a year is XXX dollars. If I see it right, this is really diminishing benefit insurance based on boat depreciation.

    Agreed value: Same boat at $20,000 agreed value, anytime in the future its a total loss I will get the $20,000. So that means the insurance company has the same level of risk thru out all the years I stay insured with them. So this is level benefit insurance without regard to asset depreciation. So my guess would be that given the constant level of risk the premium would be XXX dollars (like above) + some. Translation, a higher premium because while I enjoy a locked benefit level, the inusrance company has more risk.

    In general, does that put the two approaches in the right rank order for premium costs?

    Appreciate the information
    Generally, yes. But you would want to change your Agreed Value each year just as the actual value on your boat would decrease. If you buy more gear, you want that covered, and obviously if you sell or get rid of gear, you would want the agreed value to decrease. Unless the change is a large amount, it usually will not affect your premium that much. For the average angler, these amounts with depreciation of gear each year will have minimal change though.

  7. #7

    Re: Your Boat Insurance

    I ask my clients to give me a call every 2 years. That way we can discuss your current boats value as well as any any updates you may have made. We all update electronics, trolling motors ect. It is important to understand how all the coverage's work. Thanks Bob Luellen 800-339-1235
    Bob Luellen
    Worldwide Marine Underwriters, Inc.
    800-339-1235

  8. #8
    Join Date
    Apr 2009
    Location
    Kings Mtn. Ky.
    Posts
    590

    Re: Your Boat Insurance

    Fellows if you have any doubt at all about Bob Luellen look on bbcboards.net (bass boat central) & see what he has done for his customers. Afterall he is a fisherman as well so he knows what we as anglers need & can usually get you better & more complete coverage for less even with the same company a lot of his customers are already using. They come no better than Bob when it comes to insurance & he goes the extra mile as you'll see in some of the threads on bbc

  9. #9

    Re: Your Boat Insurance

    Quote Originally Posted by Les Young View Post
    Fellows if you have any doubt at all about Bob Luellen look on bbcboards.net (bass boat central) & see what he has done for his customers. Afterall he is a fisherman as well so he knows what we as anglers need & can usually get you better & more complete coverage for less even with the same company a lot of his customers are already using. They come no better than Bob when it comes to insurance & he goes the extra mile as you'll see in some of the threads on bbc

    Wow, I really appreciate your kind comments. I really enjoy educating guys on the differences between what we do and what your standard property and casuality agent does. It is very important to understand your coverage's. It is really very simple. If you bought a $100,000 classic car from Barrett Jackson, Would you really call someone who specialises in health insurance. I eat sleep and breath fishing like the rest of you. I design your coverage's for our needs. Thanks Bob Luellen 800-330-1235
    Bob Luellen
    Worldwide Marine Underwriters, Inc.
    800-339-1235

  10. #10
    Join Date
    Dec 1969
    Location
    1
    Posts
    3,804

    Re: Your Boat Insurance

    Quote Originally Posted by Insurancepro View Post
    If you bought a $100,000 classic car from Barrett Jackson, Would you really call someone who specialises in health insurance.
    Well I guess that depends on what you drive, and how you drive it.

    http://www.youtube.com/watch?feature...YsgvlaOEE&NR=1

    Teaching point: http://www.tomhopkins.com/blog/closi...diculous-close

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